"If the tanks are empty, let's put them to use," said Sen. Cassidy. "The Strategic Petroleum Reserve is crucial for our national security, and this will help keep it in good working order and save taxpayers money at the same time."

The SPR currently has a crude oil storage capacity of 713.5 million barrels (MMB) and an inventory of approximately 660 MMB. As the DOE withdraws oil to meet congressionally mandated sales in the years ahead -- approximately 250 million barrels by 2028 -- roughly 45 percent of the SPR's storage capacity will be unused.

The SPR Reform Act authorizes the DOE to conduct a pilot program to lease spare SPR capacity to the private sector and foreign governments in order to preserve and maximize the strategic value of this important energy security asset. The legislation requires the U.S. energy secretary to ensure any lease entered into with a private entity or foreign government will not impair the national security of the U.S. or its ability to use the SPR.

The SPR comprises 62 underground storage caverns solution-mined from naturally occurring salt domes located at four sites, two in Texas and two in Louisiana. The Bayou Choctaw storage site in Iberville Parish, Louisiana, has six storage caverns, an authorized storage capacity of 76 MMB and a cavern inventory of 71.8 MMB. The West Hackberry storage site in Cameron Parish, Louisiana, has 21 storage caverns, an authorized storage capacity of 220.4 million barrels and a cavern inventory of 199.5 million barrels.